Indonesian paint maker Avian said to plan US$250mil IPO

JAKARTA: PT Avia Avian, Indonesia’s second-biggest local paint manufacturer, is planning a domestic initial public offering (IPO) that could take place as soon as the end of this year, according to people with knowledge of the matter.

Avia Avian is working with investment banks on the share sale, which could raise about US$250mil, the people said, asking not to be identified because the information is private. Most of the offering would consist of new shares being sold to support the company’s expansion in Indonesia, one of the people said.